FRANKFURT The side-effects of the European Central Bank's unconventional policy tools have remained "contained", so there is no reason to deviate from the policy path already laid down by the ECB, President Mario Draghi said on Wednesday.
"When we introduced unconventional policy instruments in order to secure a return of inflation towards our objective, we were aware that those new instruments could result in somewhat more pronounced side-effects than conventional instruments," Draghi said. "These side-effects have remained contained."
"Our current assessment of the side-effects suggest therefore that there is no reason to deviate from the indications we have been consistently providing in the introductory statement to our press conferences," Draghi told a conference in Madrid.
(Reporting by Balazs Koranyi and Andreas Framke; Editing by Gareth Jones)